2021 market summary & insights
In 2021 , it seems like we only talked about two topics all the time : COVID and real estate . It ’ s fascinating how those two topics related to create a staggering real estate market around the U . S . and right here in the Lowcountry .
Yes , real estate was HOT in 2021 ! Consider these highlights :
• The average sales price of Homes Sold in 2021 increased by 29 % over 2020 ( and , remember … 2020 itself was an exceptional year in sales )
• The total volume of closed real estate in the Lowcountry rose nearly 30 % over the prior year
• The year ’ s average Sales Price to List Price ratio was 99.2 % ( NOTE : In the month of June , it actually topped 100 % for the first time ever !)
" Hundreds of local listings sold well before Zillow , or other real estate websites , ever picked them up !"
Anecdotally , we have all heard stories of how property sold fast , with multiple offers , and for high prices … that ’ s not really news at this point . So , we want to share some of the top insights of what was ( and still is ) happening behind the scenes in this robust seller ’ s market :
1 . Hundreds of local listings sold well before Zillow , or other real estate websites , ever picked them up ! Why ? Now into its third year , “ Listing Delay ” is a status in the MLS where new inventory will sit before a listing is ready to hit the open market . Agents monitoring Listing Delay this past year , on behalf of their buyer clients , opened a new inventory door that others may have missed out on . This premarket exposure created leverage for sellers , and urgency in buyers , yielding some of the most robust selling scenarios we have ever seen .
2 . Buyers became creative this past year in order to secure purchase opportunities . Financed buyers offered appraisal shortfall guarantees to better compete with cash buyers ( of which there were many ) on desired listings . And , buyers often sweetened the deal with favorable terms for sellers , such as post-closing-possession , inspection waivers , as-is sales , and convenient closing dates .
3 . Escalation Clauses were widely used to allow buyers to compete in multiple-offer scenarios . Not previously common in the market , this creative negotiating tactic presented sellers with offers that could eclipse the sales price of other offers by a certain dollar amount up to a certain maximum purchase price , yielding effectively a silent-auction scenario that resulted in compelling sales prices for sellers .
CGR is Celebrating 20 Years !
“ Getting to the top of " best of " lists is an accomplishment , staying there is the challenge , and Chip and his team at Collins Group Realty have consistently earned their spot among the best firms not just in the Lowcountry - they ’ re recognized among the best in the nation .
Giving back is part of the DNA of his company and just one of the many reasons Collins Group Realty is a past recipient of the chamber ’ s coveted Small Business of the Year award .” Bill Miles , President & CEO of the Hilton Head Island-Bluffton Chamber of Commerce
Inventory was ( and remains ) the largest single factor driving the real estate market , which in turn created a breathtaking sense of urgency for buyers ( and their agents ) to act swiftly and aggressively to secure a property . Here ’ s how fast real estate moved last year :
• Of the roughly 7,300 Homes and Villas that sold in 2021 , approximately one-half sold in under a week !
These " feeding-frenzy " market conditions absorbed the bulk of the property available for sale , reducing
Detailed Market Report ONLINE ( with neighborhood data )
Hover your phone camera over the code to view
the overall inventory level by some 50 %, and by year ’ s end , this is where inventory levels were left :
• 64 Homes for sale on the Hilton Head Island ( and only 67 Villas )… YES , 64 and 67 !
• Off-Island , there were just 200 Homes ( and only 2 Villas ) for sale !
So , those are the highlights and main-stories of the real estate market in 2021 , and they remain in effect as we move further into 2022 . The deeper details and statistics by neighborhood can be found on our comprehensive online
" Of the roughly 7,300 homes and villas that sold in ' 21 , approximately 50 % SOLD IN UNDER A WEEK !"
market report , which you can view via the QR code ( left ).
Thanks for your interest in our market insights , and here ’ s wishing you a happy and healthy 2022 !
Chip Owner / Broker-in-Charge
( 843 ) 384-0671 Chip @ CollinsGroupRealty . com
Chip & Carrie Collins Chip Founded Collins Group Realty in 2002
2 | Collins Group Realty Results 2022 | 3